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US STOCKS-Futures lower after China data; Fed minutes on tap
July 10, 2013 / 11:12 AM / 4 years ago

US STOCKS-Futures lower after China data; Fed minutes on tap

* China exports miss expectations

* Minutes from Fed's June meeting due

* Futures off: Dow 11 pts, S&P 2.8 pts, Nasdaq 4.5 pts

By Chuck Mikolajczak

NEW YORK, July 10 (Reuters) - U.S. stock index futures dipped on Wednesday, indicating the S&P 500 may halt a four-day winning streak, after weaker-than-expected economic data from China and as investors looked to the release of minutes from the Federal Reserve's June meeting.

* China warned on Wednesday of a "grim" outlook for trade after data showed exports fell 3.1 percent in June against forecasts for a rise of 4 percent.

* Later in the session at 2:00 p.m. EDT (1800 GMT), investors will closely eye the minutes from the June 18-19 meeting of the Federal Open Market Committee for any signs of the central bank's plan to trim its bond buying program.

* The S&P 500 has risen 2.4 percent over the past four sessions, pushing the benchmark S&P index to within 1 percent of its all-time closing high May 21 of 1,669.16.

* S&P 500 futures fell 2.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 11 points, and Nasdaq 100 futures dipped 4.5 points.

* S&P 500 companies scheduled to report earnings on Wednesday include Fastenal Co, Family Dollar Stores Inc and Yum Brands Inc.

* According to Thomson Reuters data through Tuesday morning, analysts expect S&P 500 earnings to grow 2.9 percent in the quarter from a year ago, while revenue is forecast to increase 1.5 percent from a year ago.

* At 10:00 a.m. (1400 GMT), the Commerce Department releases wholesale inventories for May. Economists in a Reuters survey forecast inventories to rise 0.3 percent versus an increase of 0.2 percent in April.

* European shares fell as miners and autos succumbed to selling pressure after weak trade data from China.

* Chinese shares rose sharply, with traders citing talks that China's central bank may ease policy to boost growth after the country's exports fell for the first time in 17 months.

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